EX-12 2 c91753exv12.htm EXHIBIT 12 Exhibit 12
EXHIBIT 12
UDR, Inc.
Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends
(Dollars in thousands)
                                 
    Three months ended
September 30,		     Nine months ended
September 30,		  
    2009     2008     2009     2008  
 
                                
Loss from continuing operations
   $ (40,356 )   $ (17,100 )   $ (68,324 )   $ (45,182 )
 
                                
Add (from continuing operations):
                                
Interest on indebtedness (a)
     38,640       41,530       112,874       123,391  
Portion of rents representative of the interest factor
     557       528       1,812       1,390  
 
                        
Earnings
   $ (1,159 )   $ 24,958     $ 46,362     $ 79,599  
 
                        
 
                                
Fixed charges and preferred stock dividend (from continuing operations):
                                
Interest on indebtedness (a)
   $ 38,640     $ 41,530     $ 112,874     $ 123,391  
Capitalized interest
     4,239       3,673       12,409       10,815  
Portion of rents representative of the interest factor
     557       528       1,812       1,390  
 
                        
Fixed charges
     43,436       45,731       127,095       135,596  
 
                        
 
                                
Add:
                                
Preferred stock dividend
     2,800       2,920       8,400       9,338  
Premium on preferred stock repurchases
     —       (3,056 )     —       (3,056 )
 
                        
 
                                
Combined fixed charges and preferred stock dividend
   $ 46,236     $ 45,595     $ 135,495     $ 141,878  
 
                        
 
                                
Ratio of earnings to fixed charges
     —       —       —       —  
 
                                
Ratio of earnings to combined fixed charges and preferred stock dividend
     —       —       —       —  
For the three months ended September 30, 2009, the ratio of earnings to fixed charges and the ratio of combined fixed charges and preferred stock dividends was deficient of achieving a 1:1 ratio by $44.6 million and $47.4 million, respectively.
For the three months ended September 30, 2008, the ratio of earnings to fixed charges and the ratio of combined fixed charges and preferred stock dividends was deficient of achieving a 1:1 ratio by $20.8 million and $20.6 million, respectively.
For the nine months ended September 30, 2009, the ratio of earnings to fixed charges and the ratio of combined fixed charges and preferred stock dividends was deficient of achieving a 1:1 ratio by $80.7 million and $89.1 million, respectively.
For the nine months ended September 30, 2008, the ratio of earnings to fixed charges and the ratio of combined fixed charges and preferred stock dividends was deficient of achieving a 1:1 ratio by $56.0 million and $62.3 million, respectively.
(a) Interest on indebtedness for the three and nine months ended September 30, 2009 and 2008 is presented gross of the gain on debt extinguishment of $0 million and $9.8 million and $2.5 million and $8.6 million, respectively.